Elon Musk's Tesla Model 3 is now more than $1,000 CHEAPER than a Toyota Camry ... trends now
Tesla's Model 3 vehicle is now cheaper than a Toyota Camry in California due to Elon Musk-owned company confirming the sedan qualifies for a $7,500 tax cut.
The all-electric vehicle starts at $40,240, but the rebate knocks it down to $25,240, while the Japanese-made car lists at $26,320 or higher.
Tesla updated its website Friday to reflect the tax cut, and on Tuesday, the Biden administration confirmed that all Tesla Model 3 vehicles now qualify for electric vehicle consumer tax credits.
Only two of the three models had been previously eligible for half the credits.
Analysts specializing in the raw materials markets for lithium-ion batteries told Reuters that Tesla might have been required to change its battery mineral sourcing and components to qualify for the subsidy.
The all-electric vehicle starts at $40,240, but the rebate knocks it down to $25,240
With state and federal tax credits, a Model 3 purchased in California is over a thousand dollars cheaper than the Japanese-made Toyota Camry, which lists at $26,320 or higher
When the Biden administration's new battery sourcing rules were enacted this past April, Tesla's Model 3 Standard Range Rear Wheel Drive and Long Range All-Wheel Drive suddenly only qualified for half credit, saving buyers just $3,750 apiece.
This past March, Tesla was in talks with China's dominant electric-vehicle battery manufacturer, Contemporary Amperex Technology Co. Ltd. (CATL), to build a new battery plant in the US.
But those efforts ran into hurdles thanks to new EV rules with President Biden's signing of the $430-billion Inflation Reduction Act, which imposed North American assembly and new mineral requirements on vehicles
